Accepting credit card payments online can provide a great advantage and give you a competitive edge for your Internet business. For one, it offers great convenience for you as well as your customers or people new to your site and interested in purchasing your products or services. Making the option of alternative payment methods (credit cards and debit cards) available to your web site visitors will make a significant difference to your sales. Some studies have even recorded improvement of more than 30% in sales and profits!
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Web sites that offer the function of accepting credit card payments online tend to be seen by visitors as having greater credibility than those that don’t allow credit card payments online. Because accepting credit card payments online requires a business to make an application to a merchant account provider which then has a selection criteria for accessing the business before approving the application.
Accepting credit card payments online will also increase the number of impulse buys of your products. This is because visitors are more inclined to make quick decision on a purchase when they are given the option of paying using a credit card. People generally tend to prefer the ease of paying by credit.
If you also offer payment by check, accepting credit card payments online means that the number of checks you receive as payment from your customers will be lowered because as mentioned above, people generally prefer paying on credit. This will cut down on your business receiving bad checks. With your credit card payment option, your merchant account provider will provide you with the additional function of customer verification and authentication. This will ensure that you will receive prompt payment for purchases you’ve shipped out to your customers. Receiving checks, on the other hand, will take a longer time as you will have to wait to receive the cheque from your customer, bank it in and wait again for it to clear.
As you can see, it is of great benefit to start accepting credit card payments online. However, like any system you set up for your business, it is always wise to be prudent and to do your research so that you know exactly what you are getting yourself into.